TESSCO Reports Fourth-Quarter Fiscal Year 2022 Financial Results
TESSCO Technologies reported FY2022 results, meeting or exceeding revenue, EBITDA, and net loss targets. Revenue rose 11.8% year-over-year to $417.5 million, with fourth-quarter revenues at $101.6 million, a 14.5% increase. Full-year sales bookings grew 21%, with a record backlog of $75 million, up $41 million. Despite a slight net loss of $1 million in Q4, net loss for the year dropped significantly to $3.3 million from $14.4 million in FY2021. The company projects FY2023 revenue growth of 11% and expects adjusted EBITDA between $4 million and $7 million.
- FY2022 revenue increased by 11.8% to $417.5 million.
- Fourth-quarter sales grew by 14.5% to $101.6 million.
- Full-year sales bookings up 21%, indicating strong demand.
- Record backlog of $75 million, providing a positive outlook for FY2023.
- Adjusted EBITDA improved to $0.3 million for FY2022 from a loss of $12.8 million.
- Fourth-quarter net loss increased slightly to $1 million from $0.9 million year-over-year.
- Full-year net loss of $3.3 million, while improved, still indicates ongoing financial challenges.
Met or Exceeded FY2022 Revenue, EBITDA and Net Loss Targets
FY2022 Sales Bookings Grew
Sales Backlog Entering FY2023 Up
Company Provides Full-year Fiscal 2023 Guidance for
Fourth-Quarter and Full Fiscal Year Financial Highlights from Continuing Operations
-
Fourth-quarter fiscal-year 2022 revenues of
$101.6 million 14.5% compared with the fourth quarter of prior fiscal year -
Fiscal year 2022 revenues of
$417.5 million 11.8% from the prior year -
Fourth-quarter sales order bookings growth of
10.6% compared with prior-year quarter; full-year sales order bookings growth of21.5% -
Record-high sales backlog at end of fiscal 2022 of
$75 million $41 million -
Fourth-quarter net loss of
$1.0 million $3.3 million $14.4 million -
Fourth-quarter fiscal 2022 adjusted EBITDA* of
$0.7 million $1.9 million -
Full-year fiscal 2022 adjusted EBITDA* of
$0.3 million $12.8 million
*See explanation of Non-GAAP information below.
“Our excellent fourth-quarter performance capped a fiscal year of tremendous progress in the execution of our turnaround strategy,” said
“This was a remarkable turnaround in just one year and we continue to see strong demand for our offerings, with robust bookings in the fourth quarter and a
“During the fourth quarter, we made progress in all aspects of our strategy. This strong end to the fiscal year led to record annual revenues in our business, our Carrier market, and with our Ventev product line. Additionally, we made continued progress with our SaaS offerings in building our sales pipeline for our Device Life Cycle Management platform.
“We expect our growth and profitability momentum to continue into our new fiscal year as we proceed with our turnaround strategy. Despite the ongoing supply chain disruptions, the large backlog we have built along with strong execution should drive revenue and EBITDA enhancements in fiscal 2023.”
Fourth-Quarter and Full-Year Financial Results
Due to the sale of TESSCO’s retail inventory and other related assets in the third quarter of fiscal year 2021, and the corresponding retail business exit, the Company’s Consolidated Financial Statements present earnings both from continuing and discontinued operations. The financial tables and financial results discussed in this press release relate only to continuing operations.
|
Fourth
FY 2022 |
Fourth
FY 2021 |
Full Year FY 2022 |
Full Year
|
Revenue |
|
|
|
|
Loss before income taxes |
( |
( |
( |
( |
Net loss 1 |
( |
( |
( |
( |
Loss per share |
( |
( |
( |
( |
Adjusted EBITDA2 |
|
( |
|
( |
1 Net loss for full-year fiscal 2021 includes
2 Adjusted EBITDA is a Non-GAAP financial measure. Please see the discussion of Non-GAAP Information below and the reconciliation of Non-GAAP to GAAP results included as an exhibit to this press release.
Revenue by Market
|
Year over Year Q4 FY 2022 vs. Q4 FY 2021 |
Full Year FY 2022
|
Carrier |
|
|
Commercial |
|
|
Total |
|
|
Sales Backlog
|
Carrier |
Commercial |
Total |
Q1 FY22 |
|
|
|
Q2 FY22 |
|
|
|
Q3 FY22 |
|
|
|
Q4 FY22 |
|
|
|
For the fiscal 2022 fourth quarter, revenues increased
Gross profit was
Fourth-quarter, fiscal-2022 selling, general and administrative (SG&A) expenses were down slightly to
Fourth-quarter, fiscal-2022 net loss was
Adjusted EBITDA* was
As of
The Company’s shareholders’ equity (total assets less total liabilities, also referred to as book value) as of
Business Outlook
“As we move forward in fiscal year 2023, we will continue to work closely with our suppliers to meet the needs of customers while maximizing our financial results,” added Mukerjee. “The uncertainty of the global supply chain limits our visibility, however, we ended fiscal 2022 with record backlog, and momentum continues to build in the execution of our turnaround strategy. We expect revenues from our SaaS offerings will ramp up through the year and sales of our Ventev products will continue to comprise a greater percentage of our sales in both markets. We look forward to increased growth and profitability in the coming year.”
Tessco’s business outlook for full fiscal 2023, compared to fiscal 2022 results, is summarized below (all amounts related to continuing operations only):
|
FY 2023 Guidance |
FY 2022 Actuals |
Revenue |
|
|
Net loss |
( |
( |
Adjusted EBITDA* |
|
|
*Adjusted EBITDA is a Non-GAAP financial measure. Please see the discussion of Non-GAAP Information below and the reconciliation of Non-GAAP to GAAP results.
Forecasting future results or trends is inherently difficult for any business, and actual results or trends may differ materially from those forecasted. The business outlook published in this press release reflects only the Company’s current best estimate and the Company assumes no obligation to update the information contained in this press release, including the business outlook, at any time.
Fourth-Quarter 2022 Conference Call
Management will host a conference call to discuss fourth-quarter and year-end fiscal 2022 results and business outlook on
A live webcast of the conference call will be available on the Events & Presentations page of the Company’s website. All participants should call or access the website approximately 10 minutes before the conference begins. An archived version of the webcast will be available on the Company's website for one year.
*Non-GAAP Information
EBITDA, Adjusted EBITDA, EBITDA per diluted share and Adjusted EBITDA per diluted share are measures used by management to evaluate the Company’s ongoing operations, and to provide a general indicator of the Company's operating cash flow (in conjunction with a cash flow statement, which also includes among other items, changes in working capital and the effect of non-cash charges). EBITDA is defined as income from operations, plus interest expense, net of interest income, provision for (benefit from) income taxes, and depreciation and amortization. EBITDA per diluted share is defined as EBITDA divided by TESSCO’s diluted weighted average shares outstanding. Adjusted EBITDA is EBITDA as defined above, but also adds stock-based compensation and goodwill impairments.
Management believes these EBITDA measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Because not all companies use identical calculations, the Company’s presentation of these Non-GAAP measures may not be comparable to other similarly titled measures of other companies. EBITDA, EBITDA per diluted share, Adjusted EBITDA and Adjusted EBITDA per share are not recognized terms under GAAP, and EBITDA and Adjusted EBITDA do not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA and EBITDA per diluted share, are intended to be measures of free cash flow for management's discretionary use, as certain cash requirements, such as interest payments, tax payments and debt service requirements, are not reflected.
A reconciliation of actual Non-GAAP to GAAP results is included as an exhibit to this release.
A reconciliation of Non-GAAP to GAAP measures pertaining to the Business Outlook is as follows:
Low |
|
High |
||
| Net loss per business outlook |
|
|
|
|
| Add: provision for income taxes | 0.2M |
|
0.3M |
|
| Add: depreciation | 6.3M |
|
6.3M |
|
| Add: interest | 1.5M |
|
1.5M |
|
| Add: stock compensation | 1.0M |
|
1.0M |
|
| Adjusted EBITDA per business outlook |
|
|
|
About
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained herein, including statements regarding our future results of operations and financial position, strategy and plans and future prospects, and our expectations for future operations, are forward-looking statements. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially from those projected. These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” "believes," "estimates," and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. These forward-looking statements are only predictions and involve a number of risks, uncertainties and assumptions, many of which are outside of our control. Our actual results may differ materially and adversely from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the
We are not able to identify or control all circumstances that could occur in the future that may materially and adversely affect our business and operating results. Without limiting the risks that we describe in our periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on our business or operating results are the following: the impact and results of any new or continued activism activities by activist investors; termination or non-renewal of limited duration agreements or arrangements with our suppliers, which are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers, suppliers or other relationships, or reduction of customer business or product availability; loss of customers or suppliers either directly or indirectly as a result of consolidation among large wireless service carriers and others within the wireless communications industry; deterioration in the strength of our customers' or suppliers' business; negative or adverse economic conditions, including those adversely affecting consumer confidence or consumer or business spending or otherwise adversely impacting our suppliers or customers, including their access to capital or liquidity, or our customers' demand for, or ability to fund or pay for, the purchase of our products and services; our dependence on a relatively small number of suppliers, which could hamper our ability to maintain appropriate inventory levels and meet customer demand; changes in customer and product mix that affect gross margin; effect of “conflict minerals” regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; our inability to maintain or upgrade our technology or telecommunication systems without undue cost, incident or delay; system security or data protection breaches and exposure to cyber-attacks, and the cost associated with ongoing efforts to maintain cyber-security measures and to meet applicable compliance standards; damage or destruction of our distribution or other facilities; prolonged or otherwise unusual quality or performance control problems; technology changes in the wireless communications industry or technological failures, which could lead to significant inventory obsolescence or devaluation and/or our inability to offer key products that our customers demand; third-party freight carrier interruption; increased competition from competitors, including manufacturers or national and regional distributors of the products we sell and the absence of significant barriers to entry which could result in pricing and other pressures on profitability and market share; our relative bargaining power and inability to negotiate favorable terms with our suppliers and customers; our inability to access capital and obtain or retain financing as and when needed; transitional and other risks associated with acquisitions of companies that we may undertake in an effort to expand our business; claims against us for breach of the intellectual property rights of third parties; product liability claims; our inability to protect certain intellectual property, including systems and technologies on which we rely; our inability to hire or retain for any reason our key professionals, management and staff; health epidemics or pandemics or other outbreaks or events, or national or world events or disasters beyond our control; changes in political and regulatory conditions, including tax and trade policies; and the possibility that, for unforeseen or other reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings.
The above list should not be construed as exhaustive and should be read in conjunction with our other disclosures, including but not limited to the risk factors described in our most recent Annual Report on Form 10-K and other periodic reports filed with the
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. We disclaim any duty to update any of these forward-looking statements after the date of this press release to confirm these statements to actual results or revised expectations.
Consolidated Statements of Income (Loss) (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Fiscal Quarters Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2022 |
|
2021 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
101,590,100 |
|
|
$ |
88,733,100 |
|
|
$ |
102,462,400 |
|
|
$ |
417,544,800 |
|
|
$ |
373,340,700 |
|
Cost of goods sold |
|
|
82,655,900 |
|
|
|
71,907,100 |
|
|
|
82,841,600 |
|
|
|
339,507,900 |
|
|
|
305,625,100 |
|
Gross profit |
|
|
18,934,200 |
|
|
|
16,826,000 |
|
|
|
19,620,800 |
|
|
|
78,036,900 |
|
|
|
67,715,600 |
|
Selling, general and administrative expenses |
|
|
19,504,800 |
|
|
|
19,580,000 |
|
|
|
19,403,800 |
|
|
|
81,543,400 |
|
|
|
85,507,100 |
|
Operating income (loss) |
|
|
(570,600 |
) |
|
|
(2,754,000 |
) |
|
|
217,000 |
|
|
|
(3,506,500 |
) |
|
|
(17,791,500 |
) |
Interest expense, net |
|
|
373,500 |
|
|
|
58,500 |
|
|
|
131,000 |
|
|
|
876,900 |
|
|
|
426,300 |
|
Income (loss) from continuing operations before provision for (benefit from) income taxes |
|
|
(944,100 |
) |
|
|
(2,812,500 |
) |
|
|
86,000 |
|
|
|
(4,383,400 |
) |
|
|
(18,217,800 |
) |
Provision for (benefit from) income taxes |
|
|
94,900 |
|
|
|
(1,958,000 |
) |
|
|
(1,129,000 |
) |
|
|
(1,071,300 |
) |
|
|
(3,844,500 |
) |
Net income (loss) from continuing operations |
|
$ |
(1,039,000 |
) |
|
$ |
(854,500 |
) |
|
$ |
1,215,000 |
|
|
$ |
(3,312,100 |
) |
|
$ |
(14,373,300 |
) |
Income (loss) from discontinued operations, net of taxes |
|
|
(576,600 |
) |
|
|
(2,075,700 |
) |
|
|
243,800 |
|
|
|
611,300 |
|
|
|
5,630,400 |
|
Net income (loss) |
|
$ |
(1,615,600 |
) |
|
$ |
(2,930,200 |
) |
|
$ |
1,458,800 |
|
|
$ |
(2,700,800 |
) |
|
$ |
(8,742,900 |
) |
Basic earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations |
|
$ |
(0.12 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.14 |
|
|
$ |
(0.37 |
) |
|
$ |
(1.65 |
) |
Discontinued operations |
|
$ |
(0.06 |
) |
|
$ |
(0.24 |
) |
|
$ |
0.03 |
|
|
$ |
0.07 |
|
|
$ |
0.65 |
|
Consolidated operations |
|
$ |
(0.18 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.16 |
|
|
$ |
(0.30 |
) |
|
$ |
(1.01 |
) |
Diluted earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations |
|
$ |
(0.12 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.14 |
|
|
$ |
(0.37 |
) |
|
$ |
(1.65 |
) |
Discontinued operations |
|
$ |
(0.06 |
) |
|
$ |
(0.24 |
) |
|
$ |
0.03 |
|
|
$ |
0.07 |
|
|
$ |
0.65 |
|
Consolidated operations |
|
$ |
(0.18 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.16 |
|
|
$ |
(0.30 |
) |
|
$ |
(1.01 |
) |
Basic weighted-average common shares outstanding |
|
|
8,978,777 |
|
|
|
8,814,859 |
|
|
|
8,957,502 |
|
|
|
8,927,837 |
|
|
|
8,697,369 |
|
Effect of dilutive options and other equity instruments |
|
|
— |
|
|
|
— |
|
|
|
39,335 |
|
|
|
— |
|
|
|
— |
|
Diluted weighted-average common shares outstanding |
|
|
8,978,777 |
|
|
|
8,814,859 |
|
|
|
8,996,837 |
|
|
|
8,927,837 |
|
|
|
8,697,369 |
|
Consolidated Balance Sheets (Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||||
|
|
2022 |
|
2021 |
|
||||
ASSETS |
|
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,754,000 |
|
|
$ |
1,110,000 |
|
|
Trade accounts receivable, net |
|
|
75,546,300 |
|
|
|
70,045,700 |
|
|
Product inventory, net |
|
|
55,945,300 |
|
|
|
53,060,000 |
|
|
Income taxes receivable |
|
|
7,412,000 |
|
|
|
10,432,500 |
|
|
Prepaid expenses and other current assets |
|
|
2,961,700 |
|
|
|
3,980,900 |
|
|
Current portion of assets held for sale |
|
|
— |
|
|
|
1,196,900 |
|
|
Total current assets |
|
|
143,619,300 |
|
|
|
139,826,000 |
|
|
|
|
|
|
|
|
|
|
||
Property and equipment, net |
|
|
10,835,900 |
|
|
|
12,571,600 |
|
|
Intangible assets, net |
|
|
30,595,600 |
|
|
|
19,136,500 |
|
|
Lease asset - right of use |
|
|
8,910,400 |
|
|
|
11,285,800 |
|
|
Other long-term assets |
|
|
8,552,100 |
|
|
|
6,258,000 |
|
|
Total assets |
|
$ |
202,513,300 |
|
|
$ |
189,077,900 |
|
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
|
||
Trade accounts payable |
|
$ |
65,254,900 |
|
|
$ |
59,415,600 |
|
|
Payroll, benefits and taxes |
|
|
5,230,500 |
|
|
|
6,279,800 |
|
|
Income and sales tax liabilities |
|
|
1,188,100 |
|
|
|
803,900 |
|
|
Accrued expenses and other current liabilities |
|
|
1,455,500 |
|
|
|
2,912,300 |
|
|
Lease liability, current |
|
|
2,566,300 |
|
|
|
2,573,500 |
|
|
Current portion of long-term debt |
|
|
340,300 |
|
|
|
— |
|
|
Total current liabilities |
|
|
76,035,600 |
|
|
|
71,985,100 |
|
|
|
|
|
|
|
|
|
|
||
Deferred tax liabilities |
|
|
145,600 |
|
|
|
26,500 |
|
|
Revolving line of credit |
|
|
36,914,600 |
|
|
|
30,583,200 |
|
|
Non-current lease liability |
|
|
6,586,200 |
|
|
|
8,923,500 |
|
|
Long-term debt |
|
|
6,155,000 |
|
|
|
— |
|
|
Other non-current liabilities |
|
|
753,200 |
|
|
|
809,400 |
|
|
Total liabilities |
|
|
126,590,200 |
|
|
|
112,327,700 |
|
|
|
|
|
|
|
|
|
|
||
Shareholders’ equity: |
|
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
|
Common stock |
|
|
105,900 |
|
|
|
104,200 |
|
|
Additional paid-in capital |
|
|
69,166,100 |
|
|
|
67,227,700 |
|
|
|
|
|
(129,200 |
) |
|
|
(62,800 |
) |
|
Retained earnings |
|
|
6,780,300 |
|
|
|
9,481,100 |
|
|
Total shareholders’ equity |
|
|
75,923,100 |
|
|
|
76,750,200 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
202,513,300 |
|
|
$ |
189,077,900 |
|
|
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) from Continuing Operations (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Fiscal Quarters Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2022 |
|
2021 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) from continuing operations |
|
$ |
(1,039,000 |
) |
|
$ |
(854,500 |
) |
|
$ |
1,215,000 |
|
|
$ |
(3,312,100 |
) |
|
$ |
(14,373,300 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Provision for (benefit from) income taxes |
|
|
94,900 |
|
|
|
(1,958,000 |
) |
|
|
(1,129,000 |
) |
|
|
(1,071,300 |
) |
|
|
(3,844,500 |
) |
Interest expense, net |
|
|
373,500 |
|
|
|
58,500 |
|
|
|
131,000 |
|
|
|
876,900 |
|
|
|
426,300 |
|
Depreciation and amortization |
|
|
606,500 |
|
|
|
609,400 |
|
|
|
633,000 |
|
|
|
2,484,900 |
|
|
|
3,744,500 |
|
EBITDA |
|
$ |
35,900 |
|
|
$ |
(2,144,600 |
) |
|
$ |
850,000 |
|
|
$ |
(1,021,600 |
) |
|
$ |
(14,047,000 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stock-based compensation |
|
|
613,600 |
|
|
|
251,400 |
|
|
|
101,700 |
|
|
|
1,338,300 |
|
|
|
1,211,000 |
|
Adjusted EBITDA |
|
$ |
649,500 |
|
|
$ |
(1,893,200 |
) |
|
$ |
951,700 |
|
|
$ |
316,700 |
|
|
$ |
(12,836,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EBITDA per diluted share |
|
$ |
0.00 |
|
|
$ |
(0.24 |
) |
|
$ |
0.09 |
|
|
$ |
(0.11 |
) |
|
$ |
(1.62 |
) |
Adjusted EBITDA per diluted share |
|
$ |
0.07 |
|
|
$ |
(0.21 |
) |
|
$ |
0.11 |
|
|
$ |
0.04 |
|
|
$ |
(1.48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Supplemental Results Summary (in thousands) (Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
Growth Rates Compared to |
|
||||||||||||
|
|
2022 |
|
2021 |
|
2021 |
|
|
Prior Year Period |
|
|
Prior Period |
|
|||||||||
Market Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Carrier |
|
$ |
44,393 |
|
|
$ |
35,015 |
|
|
$ |
43,409 |
|
|
|
26.8 |
% |
|
|
2.3 |
|
% |
|
Commercial |
|
|
57,197 |
|
|
|
53,718 |
|
|
|
59,053 |
|
|
|
6.5 |
% |
|
|
(3.1 |
) |
% |
|
Total revenues |
|
$ |
101,590 |
|
|
$ |
88,733 |
|
|
$ |
102,462 |
|
|
|
14.5 |
% |
|
|
(0.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Market Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Carrier |
|
$ |
4,620 |
|
|
$ |
4,507 |
|
|
$ |
5,484 |
|
|
|
2.5 |
% |
|
|
(15.8 |
) |
% |
|
Commercial |
|
|
14,314 |
|
|
|
12,319 |
|
|
|
14,137 |
|
|
|
16.2 |
% |
|
|
1.3 |
|
% |
|
Total gross profit |
|
$ |
18,934 |
|
|
$ |
16,826 |
|
|
$ |
19,621 |
|
|
|
12.5 |
% |
|
|
(3.5 |
) |
% |
|
% of revenues |
|
|
18.6 |
% |
|
|
19.0 |
% |
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Year Ended |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Growth Rates |
|
|||||
|
|
2022 |
|
2021 |
|
|
Compared to Prior Year Period |
|
|||||
Market Revenues |
|
|
|
|
|
|
|
|
|
|
|
||
Carrier |
|
$ |
180,740 |
|
|
$ |
149,825 |
|
|
|
20.6 |
% |
|
Commercial |
|
|
236,805 |
|
|
|
223,516 |
|
|
|
5.9 |
% |
|
Total revenues |
|
$ |
417,545 |
|
|
$ |
373,341 |
|
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Market Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
||
Carrier |
|
$ |
20,985 |
|
|
$ |
16,585 |
|
|
|
26.5 |
% |
|
Commercial |
|
|
57,052 |
|
|
|
51,131 |
|
|
|
11.6 |
% |
|
Total gross profit |
|
$ |
78,037 |
|
|
$ |
67,716 |
|
|
|
15.2 |
% |
|
% of revenues |
|
|
18.7 |
% |
|
|
18.1 |
% |
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220510006056/en/
Chief Financial Officer
410-229-1419
spitulnik@tessco.com
617-542-5300
TESS@investorrelations.com
Source:
FAQ
What were TESS's revenue results for FY2022?
How did TESS perform in the fourth quarter of FY2022?
What is TESS's sales backlog entering FY2023?
What guidance has TESS provided for FY2023?
What was the net loss reported by TESS for FY2022?
